We've just taken the opportunity to have a look at the latest Albuquerque area real estate statistics (for February), published by the Greater Albuquerque Association of REALTORS®.
We're thrilled, if unsurprised, to report that the great start to the year in the area for sellers is continuing.
Sellers last month enjoyed a 6.6% year-on-year rise in median detached home price to $185,500 and an even slightly better 6.8% increase in average detached price to $223,104. There was also impressive 10.3% annual price growth in the townhomes and condos sector.
Indeed detached homes sold 12% faster than in February 2016, with an average of 66 days on the market. For townhomes and condos, there was a 17.9% improvement to just 55 days on average.
At least part of this very welcome news for sellers is deriving from the continued short supply of homes available for sale in the area. This is having the effect of forcing buyers to act quickly or risk not securing the home they want, although it should be said that lack of choice can sometimes have the opposite effect of buyers postponing their purchase.
Last month, we noted that the small year-on-year increase in new listings in January perhaps pointed the way to better supply, but last month again saw numbers declining, with a 10.7% drop for single family detached homes and a 6% fall over the past year for condos, townhomes and other attached homes.
And if we look at overall inventory for detached homes, we can see that the situation in February was down by 22.6% compared with the same period last year.
While there are some negatives linked to weak supply, this can only be incredibly exciting news for anyone considering selling their home at the moment. There has rarely, if ever, been a better time to take advantage of strong demand while there is low inventory, affording greater asking price robustness and less competition across the board.
It really is a sellers' market at present, with the distinct possibility of multiple offers as the homes shortage continues and shows no signs of significant change any time soon.
Why not contact us today and begin to take advantage of what is, by any standards, an incredible current oppportunity to sell your home.